General Motors (NYSE:GM) Short Interest Up 6.8% in October

General Motors (NYSE:GM) (TSE:GMM.U) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totalling 32,760,000 shares, an increase of 6.8% from the September 30th total of 30,670,000 shares. Based on an average trading volume of 13,670,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.0% of the shares of the stock are short sold.

General Motors Price Performance

Shares of General Motors stock traded up $0.20 during trading on Friday, reaching $50.96. 5,421,817 shares of the stock traded hands, compared to its average volume of 15,007,226. The company has a market capitalization of $56.04 billion, a price-to-earnings ratio of 5.41, a P/E/G ratio of 0.39 and a beta of 1.42. The business has a fifty day simple moving average of $48.26 and a two-hundred day simple moving average of $46.40. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 1.03. General Motors has a 52-week low of $26.30 and a 52-week high of $54.29.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.47. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The business had revenue of $48.76 billion during the quarter, compared to the consensus estimate of $44.67 billion. During the same quarter last year, the firm earned $2.28 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Sell-side analysts expect that General Motors will post 10.34 EPS for the current year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GM. The Goldman Sachs Group increased their target price on General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their price objective on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wolfe Research began coverage on General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Wedbush boosted their target price on General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $56.92.

Insiders Place Their Bets

In other General Motors news, CEO Mary T. Barra sold 506,824 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the sale, the chief executive officer now owns 694,548 shares in the company, valued at approximately $37,040,244.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the transaction, the executive vice president now directly owns 10,356 shares in the company, valued at $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total value of $27,028,923.92. Following the completion of the transaction, the chief executive officer now owns 694,548 shares of the company’s stock, valued at $37,040,244.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 531,228 shares of company stock worth $28,267,714. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On General Motors

Several hedge funds have recently made changes to their positions in GM. Strategic Investment Solutions Inc. IL purchased a new stake in shares of General Motors during the 2nd quarter worth about $25,000. Catalyst Capital Advisors LLC acquired a new stake in General Motors in the 3rd quarter valued at approximately $27,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the 2nd quarter valued at approximately $28,000. Fortitude Family Office LLC boosted its position in General Motors by 56.1% in the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after buying an additional 225 shares during the period. Finally, Montag A & Associates Inc. purchased a new position in General Motors in the 1st quarter valued at approximately $30,000. 92.67% of the stock is owned by institutional investors and hedge funds.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.